Analyst Says Solana Price Could Rise 450% To $840 – Here Are The Drivers

by

As a seasoned crypto investor with over five years of experience in the market, I have witnessed numerous bull and bear cycles. Solana’s meteoric rise of over 1,000% in just one year has piqued my interest once again. The recent surge was further fueled by the viral success of several meme coins on the Solana blockchain, reaching billion-dollar market caps within a short timeframe.

Solana has clearly emerged as a success story during this market cycle, with its price surging over 1,000% within the past year. This upward trend gained even more momentum due to several meme coins on the Solana blockchain hitting billion-dollar valuations last year. Although the SOL price took a hit during the widespread crypto market downturn in June, its bullish sentiment remains strong, with analysts anticipating it will surpass its previous all-time high from 2021.

Solana Primed For Upward Move

An anonymous cryptocurrency expert, known as ‘NoLimit’ on TradingView, has put forth a optimistic outlook for Solana’s price based on several encouraging signs in its chart and the broader crypto market.

The cryptanalysis identifies a significant cup and handle pattern emerging in Solana’s price chart. This pattern carries importance because of its historical bullish significance, as it was also present during Solana’s price surge in 2021, reaching an all-time high above $250.

As a crypto analyst, I’ve noticed an intriguing pattern in Solana’s (SOL) price movement. Beyond the immediate trend, I’ve identified potential upside based on Fibonacci extension levels. These levels indicate a strong possibility of SOL reaching new all-time highs.

As a crypto investor, I’ve noticed the growing market-wide optimism and one factor fueling this bullish sentiment is the upcoming Spot Ethereum ETFs. The anticipation of these ETFs starting trading soon has already caused a price surge, with analysts projecting Ethereum could reach new heights, potentially reaching $5,000.

SOL Sees Increased Buying Pressure

As an analyst, I’ve observed that the Solana cryptocurrency has been performing quite positively on its own. Based on the data from the reputable on-chain token tracking site, Coinmarketcap, the daily trading volume of SOL has surged by over 13% within the last day. This significant increase has propelled the SOL trading volume above the $2 billion mark.

Based on yesterday’s price increase, it’s indicative of significant buying interest towards Solana. This bullish trend could potentially lead to a new record-high for the altcoin in the foreseeable future if buying pressure persists.

I’m currently observing Solana’s price hovering around $151 with a satisfying 4.59% increase over the past 24 hours. When I glance at the weekly and monthly graphs, I notice that the price has climbed by 7.22% and 5.08%, respectively.

Read More

2024-07-16 09:23